N.Y. Real Property Law Section 273
What form of mortgage on lease of real property

The use of the following form of instrument for mortgages on leases of real property is lawful, but this section does not prevent or invalidate the use of other forms. SCHEDULE D. MORTGAGE ON LEASE OF REAL PROPERTY. This indenture, made the ....... day of ........, in the year one thousand ....... hundred and .........., between ............. of (insert residence) of the first part and ........... of (insert residence) of the second part; whereas ........... did, by a certain indenture of lease, bearing date the ....... day of ........, in the year one thousand nine hundred and .........., demise, lease and to farm let unto ............ and to ............ executors, administrators and assigns, all and singular the premises hereinafter mentioned and described, together with their appurtenances; to have and to hold the same unto the said ........... and to ........... executors, administrators and assigns, for and during and until the full end and term of ....... years, from the ....... day of ........, one thousand nine hundred and ........, fully to be complete and ended, yielding and paying therefor unto the said ....... and to ....... or assigns, the yearly rent or sum of ............... . And whereas, the said part ....... of the first part justly indebted to the said part ....... of the second part, in the sum of ....... lawful money of the United States of America, secured to be paid by ........ certain bond or obligation, bearing even date herewith, conditioned for the payment of the said sum of ....... on the ....... day of ........, nineteen hundred and ....... and the interest thereon to be computed from ....... at the rate of ....... per centum per annum and to be paid ...... . It being thereby expressly agreed that the whole of the said principal sum shall become due at the option of the mortgagee or obligee after default in the payment of interest, taxes or assessments or rents as hereinafter provided. Now this indenture witnesseth that the said part ....... of the first part, for the better securing the payment of the said sum of money mentioned in the condition of the said bond or obligation, with interest thereon, and also for and in consideration of the sum of one dollar, paid by the said part ....... of the second part, the receipt whereof is hereby acknowledged, doth grant and release, assign, transfer and set over unto said part ....... of the second part, and to his heirs (or successors) and assigns forever. (Description.) Together with the appurtenances and all the estate and rights of the part ........ of the first part of, in and to said premises under and by virtue of the aforesaid indenture of lease. To have and hold the said indenture of lease and renewal, and the above granted premises, unto the said part ....... of the second part, his heirs and assigns, for and during all the rest, residue and remainder of the said term of years yet to come and unexpired, in said indenture of lease and in the renewals therein provided for; subject, nevertheless, to the rents, covenants, conditions and provisions in the said indenture of lease mentioned. Provided always that if the said part ....... of the first part shall pay unto the said part ....... of the second part, the said sum of money mentioned in the condition of the said bond or obligation, and the interest thereon, at the time and in the manner mentioned in the said condition, that then these presents and the estate hereby granted, shall cease, determine and be void. And the said part ....... of the first part covenant ....... with the said part ....... of the second part as follows: First. That the part ....... of the first part will pay the indebtedness as hereinbefore provided. And if default shall be made in the payment of any part thereof the said part ....... of the second part shall have power to sell the premises therein described according to law. Second. That the said premises now are free and clear of all incumbrances whatsoever, and that ....... ha ....... good right and lawful authority to convey the same in manner and form hereby conveyed. Third. That the part ....... of the first part will keep the buildings on the said premises insured against loss by fire, for the benefit of the mortgagee. Fourth. That the part ....... of the first part will pay the rents and other charges mentioned in and made payable by said indenture of lease within ....... days after said rent or charges are payable. Fifth. And it is hereby expressly agreed that the whole of the said principal sum shall become due at the option of the said mortgagee or obligee after default in the payment of any instalment of principal, or after default in the payment of interest for ....... days, or after default in the payment of any rent or other charge made payable by said indenture of lease for ....... days, or after default in the payment of any tax or assessment for ....... days after notice and demand. In witness whereof, the said part ....... of the first part to these presents ha ....... hereunto set ....... hand ....... and seal ....... the day and year first above written. Sealed and delivered } in the presence of }

Source: Section 273 — What form of mortgage on lease of real property, https://www.­nysenate.­gov/legislation/laws/RPP/273 (updated Sep. 22, 2014; accessed Apr. 20, 2024).

240
Definitions and use of terms 240‑B
Certain conveyances authorized 240‑C
Joint tenancy severance 241
Ancient conveyances abolished 242
Disclosure prior to the sale of real property 243
Grant of fee or freehold 244
When grant takes effect 245
Estate which passes by grant or devise 246
Certain deeds declared grants 247
Conveyance by tenant for life or years of greater estate than possessed 248
Effect of conveyance where property is leased 249
Covenants in mortgages 251
Covenants not implied 252
Lineal and collateral warranties abolished 253
Construction of covenants in grants of freehold interests 254
Construction of clauses and covenants in mortgages and bonds or notes 254‑A
Right of election of mortgagee in certain cases 254‑B
Limitation on late charges 254‑C
Right to a copy of real property appraisals and consumer reports in certain cases 254‑D
Fees by mortgagee for direct payment of real property taxes by mortgagor prohibited 255
Construction of grant of appurtenances and of all the rights and estate of grantor 256
Construction of grant in executor’s or trustee’s deed of appurtenances, and of the estate of testator and grantor 257
Covenants bind representatives of grantor and mortgagor and inure to the benefit of whom 258
Short forms of deeds and mortgages 259‑C
Provision in lease of real property for waiver of trial by jury in actions for personal injury or property damage 260
Lands adversely held may be conveyed or mortgaged 261
Maintenance of telegraph or other electric wires raises no presumption of grant 265
Fraudulent intent, question of fact 265‑A
Home equity theft prevention 265‑B
Distressed property consulting contracts 266
Rights of purchaser or incumbrancer for valuable consideration protected 267
Conveyances with power to revoke, determine or alter 268
Disaffirmance of fraudulent act by executor and others 269
When remainderman may pay interest owed by life tenant 270
Powers of courts of equity not abridged 271
Construction of covenants in mortgages on leases of real property and bonds or notes 272
Construction of grant of appurtenances, and all of the rights and estate of the mortgagor 273
What form of mortgage on lease of real property 274
Transfers and mortgages of interest in decedents’ estates 274‑A
Certificate of principal amount unpaid on mortgages of real property 275
Certificate of discharge of mortgage required 276
Effect of certain easements on the right to invest in mortgages 277
Modification and extension of mortgage investment 277‑A
Powers of fiduciaries and others holding guaranteed mortgages or mortgage investments 278
Exchange of mortgage investment 278‑A
Sale or exchange of certain real property or mortgage investments therein authorized 279
Graduated payment mortgage 280
Reverse mortgage loans for persons sixty years of age or older 280‑A
Reverse mortgage loans for persons seventy years of age or older 280‑B
Federal home equity conversion mortgage regulation 280‑D
Federal home equity conversion mortgage default and foreclosure regulation 281
Credit line mortgage 282
Mortgagor’s right to recover attorneys’ fees in actions or proceedings arising out of foreclosures of residential property
Green check means up to date. Up to date

Accessed:
Apr. 20, 2024

Last modified:
Sep. 22, 2014

§ 273’s source at nysenate​.gov

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